Tuesday, September 8, 2026

EFCC arraigns alleged money launderer over stealing of N5 billion

The prosecution counsel, Bilikisu Buhari-Bala, urged the court to remand the defendant in prison custody and requested a trial date.

• June 21, 2025
Stash of naira cash
Stash of Naira cash [Credit: Dele Farotimi]

The Economic and Financial Crimes Commission has arraigned Ibrahim Abubakar before the Ikoyi Division of the Federal High Court for money laundering.

Mr Abubakar was arraigned on a two-count charge of money laundering and stealing of N5 billion.

The anti-graft agency alleged that Mr Abubakar and his co-conspirator Alhaji Kabiru, on February 2, 2025, conspired to steal N5 billion in an account in the name of ‘Mohammed Shehu’, domiciled in Union Bank of Nigeria, with an account number 0224244931 “which sum you reasonably ought to have known forms part of the proceeds of your unlawful act, to wit: stealing and you thereby committed an offence contrary to Section 18(a) of the Money Laundering (Prohibition and Prevention Act), 2011 as amended and punishable under Section 15 (2) (d) of the same act.”

Mr Abubakar pleaded “not guilty” to the charges.

Following Mr Abubakar’s plea, the prosecution counsel, Bilikisu Buhari-Bala, urged the court to remand the defendant in prison custody and requested a trial date.

Meanwhile, the defence counsel, E.C. Nwoko, requested a short adjournment to file his client’s bail application.

The trial judge, Alexander Owoeye, however, rejected the application by the defence counsel and ordered that Mr Abubakar be remanded at the Ikoyi Prisons and adjourned the case until September 25 for the commencement of trial.

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

farmers

Agriculture

FG tasks ECOWAS on leveraging financing strategies for agroecology

The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Katsina State

Politics

Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

Courtroom

States

Man drags ex-fiancée to court over alleged unreturned wedding gifts

The defendant’s counsel, Sani Sanusi, denied the allegation.

Julian Amaral

Heading 4

Netizens call for probe as body of missing UK student on excursion found in Portugal river

Mr Amaral’s sister, Jennifer, mourned him on social media with an emotional tribute, saying she would never stop loving him.

Ireland's Justice minister Jim O’Callaghan

Heading 1

Ireland tightens citizenship rules for Nigerians, others, proposes eight years’ residence, language test, civics exam

The bill seeks to ban applicants from receiving social welfare payments or housing supports at any time during the naturalisation process.

NDLEA seize 5356.7kg of illicit drugs

States

NDLEA seized 5356.7kg of illicit drugs, nabbed 59 Ondo suspects in two months: Commander

Mr Folayemi said the command would continue to identify and dismantle criminal networks involved in the illicit drug trade.

Peter Obi and Gov Alia

Hot news Home top

Governor Alia’s senseless thugs stopped me from paying condolence visit to Benue community: Obi

Thugs on Tuesday blocked the convoy of Peter Obi, the presidential candidate of the Nigeria Democratic Congress for 2027, from entering a Benue community.